Supply and Demand

A supply curve typically has a ____________ slope.

Generally, when the price of an item falls, what happens to the demand for that product?

T/F: When the amount of goods supplied meets the amount demanded, this is known as elasticity.

Which of the following sets the maximum price a good or service can be sold at?

T/F: A demand curve illustrates the quantity demanded at all possible prices at a given time.

After you've had a certain amount of your favorite food, your enjoyment lessens. This shows

Which of the following sets the minimum price a good or service can be sold at?

Demand for a good is more likely to be elastic when the good is...

When the price of cellphones increase, the quantity of cellphones offered for sale increases:

For most products and services, increased price results in

when supply decreases, the supply curve shifts to the

When less goods are supplied than are demanded in the market, a __________ exists.

Margarine and Butter are ___________ products.

Demand curves typically have a _____________ slope

When the price of butter goes UP, the demand for margarine

When more goods are supplied than are demanded then a ___________ exists.

When demand decreases, the demand curve shifts to the

Most businesses strive to supply goods and services in direct proportion to:

Paula Deen buys all of the world's butter production plants, making her company a

T/F: Minimum wage is an example of a price ceiling. Rent control is a Price floor.

What happens to the supply of goods that producers are willing to produce when prices fall?

Inelastic demand is defined as demand that is:

An indication of how changes in price will affect changes in the amounts demanded and supplied:

Cereal and Milk are __________ products.